GRAND RAPIDS, MI - Steelcase Inc. marked its 11th consecutive quarter of organic growth for its sales of office, contract and healthcare furniture in North, Central and South America during its third quarter ended Nov. 23.
Overall, Steelcase reported net income of $23.6 million on revenue of $727.2 million during its third quarter of 2012 compared to $22.4 million in net income on revenue of $719.4 millon of 2011. The Americas generated operating income of $42.1 million on revenue of $503.2 millon, up 13.5% and 3.0% respectively from prior year. In comparison, Steelcase's total operating income for the current fiscal year was flat: $38.4 million compared to $38.2 million a year ago.
"We were pleased that the Americas expanded their adjusted operating margin by 110 basis points in the third quarter compared to the prior year, despite modest revenue growth," said James Hackett, president and CEO. "While growth rates have moderated, we expect the fourth quarter will mark the twelfth consecutive quarter of organic revenue growth in the Americas."
Steelcase said it expects fourth quarter fiscal 2013 revenue to be in the range of $695 to $720 million, which translates to flat to 4% growth.
Have something to say? Share your thoughts with us in the comments below.